On 16 November 2016 ESMA published an updated Q&A on the
application of AIFMD.
The updated Q&A includes four new questions and answers on
the cross-border marketing of AIFs and the delegation of functions
by an AIFM to AIFs or third parties.
CLARIFICATION ON MARKETING NOTIFICATION REQUIREMENTS
Marketing of a New Share Class in a Host Member
State
The Q&A states that where a new share class is set up in an
AIF which is already marketed in a host Member State by way of the
AIFMD marketing passport (Article 32 of AIFMD) this should not be
regarded as a material change requiring a new notification pursuant
to Article 32. ESMA has confirmed that the creation of a share
class, which is to be marketed cross-border within an already
notified (sub-)fund, does not constitute a material change of the
notification.
